HJR 47: Proposing amendments to the Constitution of the State of Alaska relating to the principal of the Alaska permanent fund; limiting appropriations from the Alaska permanent fund to amounts equal to that part of the market value of the fund that exceeds the principal based on an averaged percent of the fund market value; and permitting appropriations from the permanent fund only for costs of administering the fund, a program of dividend payments for state residents, and public education.
00 HOUSE JOINT RESOLUTION NO. 47 01 Proposing amendments to the Constitution of the State of Alaska relating to the 02 principal of the Alaska permanent fund; limiting appropriations from the Alaska 03 permanent fund to amounts equal to that part of the market value of the fund that 04 exceeds the principal based on an averaged percent of the fund market value; and 05 permitting appropriations from the permanent fund only for costs of administering the 06 fund, a program of dividend payments for state residents, and public education. 07 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA: 08 * Section 1. Article IX, sec. 15, Constitution of the State of Alaska, is amended to read: 09 Section 15. Alaska Permanent Fund. (a) At least twenty-five per cent of all 10 mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing 11 payments and bonuses received by the State shall be placed in a permanent fund, the 12 principal of which shall be used only for those income-producing investments 13 specifically designated by law as eligible for permanent fund investments. Only 14 amounts equal to that part of the market value of the fund that exceeds the
01 principal may be appropriated under (b) of this section. The principal of the 02 fund equals $22,988,019,019.78 plus the sum of the following deposits made 03 between June 30, 2003, and the date the principal is being determined: 04 (1) all deposits to the fund made under this subsection; and 05 (2) all appropriations made to the principal [ALL INCOME FROM 06 THE PERMANENT FUND SHALL BE DEPOSITED IN THE GENERAL FUND 07 UNLESS OTHERWISE PROVIDED BY LAW]. 08 * Sec. 2. Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding a 09 new subsection to read: 10 (b) Appropriations from the permanent fund for a fiscal year may not exceed 11 five percent of the average of the market values of the fund on June 30 for the first 12 five of the six fiscal years immediately preceding that fiscal year. Appropriations 13 from the fund may be made only for the following purposes: 14 (1) costs of administering the permanent fund; 15 (2) a program of dividend payments for State residents established by 16 law together with costs of administering that program; and 17 (3) public education. 18 * Sec. 3. Article XV, Constitution of the State of Alaska, is amended by adding a new 19 section to read: 20 Section 30. Transition. (a) On the effective date of the 2004 amendment 21 relating to the Alaska permanent fund (art. IX, sec. 15), the unencumbered, 22 unappropriated balance of the earnings reserve account established under 23 AS 37.13.145(a) is added to the Alaska permanent fund, but not as part of the 24 principal. 25 (b) The 2004 amendment relating to the Alaska permanent fund first applies to 26 appropriations for fiscal year 2006. Appropriations from the permanent fund for fiscal 27 year 2005 are subject to Section 15 of Article IX as that section read on June 30, 2004. 28 * Sec. 4. The amendments proposed by this resolution shall be placed before the voters of 29 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the 30 State of Alaska, and the election laws of the state.